ÌÇÐÄVlog¹Ù·½

Engagement and Discussion Stage

– Initial interaction/meeting between the Innovation Factory and the project owner(s).

Screening Stage

Following the Initial discussion to understand the project aim, technological innovation, and expected final output:

1)? Project team needs to hand over a registration form to detail:

• Project key aspects
• Resource requirements
• Required support, and so on.

2)? Innovation Factory¡¯s Director or technical lead(s) assess the form to analyse and screen the idea of the project for its feasibility, viability, maturity or do-ability (development potential) to be admitted to the Innovation Factory.

3)? Additional information is requested from the project owner, if needed.

4)? Screening will involve identification of schools and academic expertise, lab resources, training requirements, mentorship requirements and other resource requirements

5)? Once all the resources are in place, the project will be admitted and registered with the Innovation Factory.

Stage 1

Final analysis and signing of an informal project contract defining the support period (3 to 6 months). Project commencement. Development of the project and its product prototype to reach a suitable level of maturity (TRL3/4).

Stage 2

INCUBATION Period:Refinement of the Product Prototype to Reach Technology Readiness Level 6 or 7

Post Stage 1 assessment to continue further or exit the project will involve the assessment of: Prototype quality (TRL3/4), Project final assessment, Project owner¡¯s plan for the next stage, Potential contract extension to achieve TRL3/4 if initial timeframe lapses.

Further Stage

• Progression depends on:
  • Project success in Stage 2
  • Project owner(s) willingness for commercialisation
• If project team decide on progression to further support stages, such as commercialisation, IP protection, business development plan creation and investment attraction.?Soft handover to X3 Co-Venture for further support in collaboration with Innovation Factory.
• If project team decide on project termination, the project owner(s) withdraw from further development.

*?Note:

Innovation Factory will oversee the project throughout its lifetime to ensure the project is executed as planned and necessary resources are?organised?and made available to the project owner(s) when the need arises.